UWM urges Two Harbors holders vote against CrossCountry merger at May 19 meeting

UWM Holdings

UWM Holdings

UWMC

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  • UWM Holdings escalated campaign against Two Harbors board ahead of May 19 special meeting on CrossCountry Mortgage merger, urging shareholders to vote against deal.
  • Company pitched May 11 proposal to buy Two Harbors for USD 12.5 per share in cash or 2.33 UWMC shares, calling it superior to CrossCountry transaction valued at USD 12 per share.
  • ISS, Glass Lewis recommendations cited as supporting vote against CrossCountry merger, golden parachute proposal, adjournment proposal.
  • UWM Holdings argued it has financing to close, expects regulatory approvals, targets closing within about 60 days of signing.
  • Company criticized Two Harbors board incentives, pointing to Glass Lewis estimate that golden parachute payments equal about 25.3% of merger equity premium.


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